CAD: Market is stretched - BBH

The US dollar traced a nearly textbook perfect head and shoulders top against the Canadian dollar in March after rallying in February, according to analysts at BBH. 

Key Quotes

“The neckline (~CAD1.28) broke on April 3 but was still flirting with it on April 9.  Still, playing for the breakout worked here, and the US dollar fell to CAD1.2545 in the middle of last week before consolidating.  The measuring objective of the pattern is near CAD1.2475.  The weekly technical studies suggest further US dollar losses are likely, but the daily indicators are warning the market is stretched.  Initial US dollar resistance is seen near CAD1.2650.”

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.